GENEVA (AP) — A blue diamond weighing nearly 10 carats has sold at auction in Switzerland for 20.5 million Swiss francs ($25.6 million) including fees.
The pear-shaped 9.51-carat “Mellon Blue” — named for the late American arts patron Rachel “Bunny” Mellon — had been expected to fetch $20-$30 million at the Christie's auction on Tuesday.
The house said the stone came in on the estimated range. The final price includes the “buyer's premium” and other fees.
“Not the dazzling moment I expected," said Tobias Kormind, managing director of online jeweler 77 Diamonds. He said the gem was “tipped as the season’s headline act” but was weighed down by a broader market mood.
“Geopolitical tensions -- from the war in Ukraine to Trump’s tariffs — and a weakened Chinese economy that kept many usual buyers away, left the room distinctly cautious," he said in a statement.
Auctioneer Rahul Kadakia, chairman of the global luxury group at Christie’s, hailed a “notable moment” for his team, “evidencing the elite appetite among collectors for extraordinary and storied gems.”
It was a far cry from the peak sale for a blue diamond: Christie’s says its highest price for a vivid blue diamond was set in Geneva in 2016 when the 14.62-carat Oppenheimer Blue sold for more than $57 million.
The Mellon Blue was previously sold in 2014, the year that Mellon died, for $32.6 million, which was one of the highest prices ever paid for a colored diamond at auction, Christie's says.
For decades, the stone was part of Mellon's private collection.
Max Fawcett, Christie’s global head of jewelry, said the Mellon Blue was unlike the vast majority of other modern gems that have had facets added and been modified to enhance the color.
“When you have great shape and great color, you’re looking at the gem of gems,” he said Friday, noting the stone's grade of Fancy Vivid Blue and Internally Flawless by the Gemological Institute of America. “That's what this is.”
The auction was the first installment of two days of jewelry auctions in Geneva. On Wednesday, rival Sotheby's is putting up the “Glowing Rose” pink diamond that's expected to draw bids of around $20 million.
This story has been updated to correct the sale price to $25.6 million.
A Christie's employee displays the Mellon Blue, a fancy vivid blue pear-shaped diamond of 9.51 carats, during a preview at Christie's in Geneva, Switzerland, Friday, Nov. 7, 2025, ahead of an auction where it is estimated to sell for between 20 and 30 million US dollars. (Martial Trezzini/Keystone via AP)
DUBAI, United Arab Emirates (AP) — Iran hit a tanker off the coast of Qatar and Kuwait International Airport early Wednesday as Tehran remained unrelenting in its attacks on its Gulf Arab neighbors, while acknowledging for the first time that Washington had been in direct contact about a possible ceasefire.
Israel sounded warnings of incoming fire from both Yemen and Iran, while launching its own attacks in Lebanon that killed at least five people.
An airstrike on Tehran appeared to have hit the former U.S. Embassy compound, which has been controlled by Iran’s Revolutionary Guard since the 1979 hostage crisis. Witnesses said buildings outside the massive compound had their windows blown out and that it appears the strike happened inside the walled facility.
With no sign of the war abating and more than 3,000 lives already lost, U.S. President Donald Trump suggested it could be over within two weeks even as he moved to bring thousands more troops to the region.
Trump has been under growing pressure to end the war as Iran’s grip on shipping through the Strait of Hormuz and its attacks on regional energy infrastructure have sent gas prices skyrocketing to their highest level since 2022 and caused broad stock market fluctuations.
Iran throttled ship traffic through the strait, which leads from the Persian Gulf to the open ocean, after it was attacked by the U.S. and Israel on Feb. 28. In peacetime, a fifth of the world’s oil transits the strait and the spot price of Brent crude, the international standard, is up more than 40% since the start of the war, trading at more than $104 a barrel.
The U.S. has presented Iran with a 15-point plan aimed at bringing about a ceasefire, which includes a demand for the strait to be reopened. Iran’s own five-point response includes it retaining sovereignty over the waterway, and Trump on Tuesday suggested that the war could be brought to an end even with Iran still controlling the strait.
The U.S. “will not have anything to do with” what happens in the Strait of Hormuz, instead telling reporters that the responsibility for keeping the vital waterway open would belong with countries that rely on it.
“That’s not for us. That’ll be for France. That’ll be for whoever’s using the strait,” Trump said.
It was not clear why Trump brought up France, since Europe receives very little oil shipped through the strait, with most going to Asian countries. The president plans a prime-time address on Wednesday.
Trump, who has vacillated between insisting there is progress in diplomatic talks with Iran and threatening to widen the war, added that the U.S. is “finishing the job” in Iran and predicted it will be “maybe two weeks, maybe a couple of days longer to do the job.”
Trump has warned that if a ceasefire is not reached “shortly,” and if the strait is not reopened, the U.S. would broaden its offensive, including by attacking the Kharg Island oil export hub and possibly desalination plants.
Thousands of Marines and paratroopers have been ordered to the region in possible preparation for an assault in Kharg, though to reach the island by ship would mean transiting the Strait of Hormuz and the Persian Gulf, which Iran has threatened to mine.
In an interview with pan-Arab broadcaster Al Jazeera, Iranian Foreign Minister Abbas Araghchi acknowledged receiving direct messages from U.S. Mideast envoy Steve Witkoff. He insisted, however, that there were no direct negotiations and said Iran has no faith that talks with the U.S. could yield any results, saying “the trust level is at zero.”
He warned against any attempt to launch a ground offensive, saying “we are waiting for them.”
“We know very well how to defend ourselves,” Araghchi said.
Early Wednesday a tanker off the coast of Qatar was hit with a projectile, the British military’s United Kingdom Maritime Trade Operations center said. The crew was reportedly unharmed. A fully-loaded Kuwaiti oil tanker came under attack off Dubai the day before, one of more than 20 ships attacked by Iran during the war.
Bahrain sounded two alerts for incoming missiles, and said an Iranian attack had caused a fire at a business facility.
In Kuwait, the state-run KUNA news agency said a drone had hit a fuel tank at Kuwait International Airport, sparking a “large fire” that crews were working to control.
Two drones were also intercepted in Saudi Arabia, which has come under repeated Iranian attack, and air raid sirens sounded in Israel though there were no immediate reports of damage or casualties.
In Iran, Israel said it had hit a plant producing fentanyl, a powerful synthetic opioid, to allegedly be used in a chemical weapons program. Iran acknowledged the strike on Tofigh Daru factory, but insisted it only supplied “hospital drugs” used for medical purposes.
The strike happened Tuesday, both the Israelis and the Iranians said.
Hospitals extensively use fentanyl to treat severe pain. But a small amount of the drug can be fatal.
Both Israel and the United States have alleged in recent years that Iran was experimenting with fentanyl in munitions.
In Beirut, at least five people were killed in an Israeli strike on a Beirut neighborhood. Lebanon’s Health Ministry said another 21 people were wounded.
Israel invaded southern Lebanon after the Iran-linked Hezbollah militant group began launching missiles into northern Israel days after the outbreak of the wider war. Many Lebanese fear another prolonged military occupation.
More than 1,200 people have been killed in Lebanon and more than 1 million displaced, according to authorities. Ten Israeli soldiers have also died there.
In Iran, authorities say more than 1,900 people have been killed, while 19 have been reported dead in Israel.
Since the Iran war began, 13 U.S. service members have been killed and 348 wounded, six seriously, according to U.S. Central Command.
More than two dozen people have died in Gulf states and the occupied West Bank.
Rising reported from Bangkok. AP writer Giovanna Dell’Orto in Miami, Florida contributed to this report.
Firefighters and rescue workers work at the site of Israeli airstrikes, in Beirut, Lebanon, Wednesday, April 1, 2026. (AP Photo/Hussein Malla)
A firefighter extinguishes a car at the site of Israeli airstrikes, in Beirut, Lebanon, Wednesday, April 1, 2026. (AP Photo/Hussein Malla)
Israel's rescue teams and residents take shelter as sirens sounds next to a site struck by an Iranian missile in Bnei Brak, Wednesday, April 1, 2026. (AP Photo/Oded Balilty)
A police vehicle is seen through a shattered windshield at the site of an Israeli strike in Beirut, Lebanon, Wednesday, April 1, 2026. (AP Photo/Hassan Ammar)
Two men ride scooters past charred debris at the site of an Israeli strike in Beirut, Lebanon, Wednesday, April 1, 2026. (AP Photo/Hassan Ammar)
